Snapdocs offers lenders a confirmed path to adopting digital closings

5 mins read

The know-how parts required to digitize closings – issues like eSignatures and webcams – have existed for many years. However till just lately, digital closings had by no means been adopted at scale. The limiting issue was not know-how, however the truth that the closing course of requires coordinated participation from many members of a fragmented ecosystem – every with their very own chosen applied sciences and workflows. 

Snapdocs has emerged because the digital infrastructure that connects the mortgage closing ecosystem as a way to orchestrate excellent digital closings at scale. It allows lenders to attach with all events and applied sciences concerned in a mortgage transaction to finish your entire closing course of on-line. The platform permits all members in a mortgage closing to work collectively to shut offers sooner, extra effectively and with dramatically fewer errors.

Snapdocs’ know-how platform is constructed on a multi-party workflow engine that coordinates the actions of all stakeholders in a mortgage closing, bringing readability and transparency to each step of the method.

This functionality plugs into any mortgage origination system (LOS) or doc prep supplier, permitting all customers to remain of their techniques of alternative whereas Snapdocs operates to enhance the expertise within the background. Snapdocs then employs synthetic intelligence to guarantee accuracy in each doc and shutting bundle, eliminating errors and the associated fee related to rework. 

Know-how alone doesn’t allow closings at scale. For the foreseeable future, lenders are sure to have a mixture of closing sorts to handle, be they wet-signed, absolutely digital, or a hybrid of the 2. Snapdocs believes {that a} single course of for all closing sorts is the important thing to unlocking scale and ROI. Snapdocs gives lenders with a realistic, confirmed path to adopting digital closings – an strategy that additionally provides debtors a contemporary, digital closing expertise each single time. 

Snapdocs now powers tens of millions of closings a 12 months for lenders, title firms and notaries, touching almost 20% of all US actual property transactions each month, representing over $60 billion in mortgage worth.

“Snapdocs is within the background of the closing processes of essentially the most profitable lenders, offering the required infrastructure for digital closings to work at scale,” mentioned Aaron King, CEO of Snapdocs.

Waterstone Mortgage is only one instance of the ability of the Snapdocs platform in motion. Waterstone is among the nation’s largest mortgage lenders with 650 workers lending in 48 states. In early 2020, Waterstone used Snapdocs to spearhead a strategic initiative to maneuver all closings to completely digital experiences. In simply three months, the corporate was in a position to go from zero digital closings to closing 70% of its loans as hybrid closings.

“We’re already seeing Snapdocs and our ‘hybrid-as-default’ providing turn out to be a aggressive benefit,” mentioned Tom Knapp, CIO of Waterstone Mortgage. “It’s nonetheless a pleasant shock for some as soon as they’ve chosen Waterstone Mortgage as their companion, however debtors now search us out due to it.”

In 2020, Waterstone closed 40% extra mortgages than it had the earlier 12 months, with the identical variety of closers. On common, the corporate’s hybrid eClosings had been 60% sooner than moist closings, with an 80% discount in errors.

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Aaron King, CEO

Aaron King has labored within the mortgage trade since highschool. Aaron based Snapdocs in 2013 with the mission to excellent the mortgage closing course of.

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Camelia Martin, Head of Trade & Regulatory Affairs

Snapdocs, the place she collaborates with a broad spectrum of trade members to advance the adoption of digital mortgage closings.

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Briana Ings, Vice President of Product

Briana’s groups prioritize offering pragmatic options to lenders via fashionable and intuitive workflow design, highly effective AI capabilities and seamless integrations to core techniques.

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